免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 LPG早报 研究中心能化团队 2025/11/25 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/18 4345 4335 4380 567 523 493 4590 70 ...

免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 LPG早报 研究中心能化团队 2025/11/24 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/17 4390 4364 4440 559 505 485 4670 70 ...

Report Industry Investment Rating - Not provided Core View of the Report - The PG main contract is running strongly. The domestic chemical industry is firm, and there are expectations for the civilian sector to strengthen during the peak season, but the market valuation is high. The international propane market pattern is loose. Attention should be paid to the weather and the situation of cold snaps in the United States [4] Summary by Relevant Catalogs Daily Changes - On Wednesday, for civil gas, the price in East China was 4325 (-10), in Shandong was 4370 (-10), and in South China was 4345 (+0). The price of etherified C4 was 4590 (+0). The lowest delivery location was East China, with a basis of -60 (-62), and the 12 - 01 month spread was 81 (+20). FEI was 502 (-10) and CP was 486 (+14) dollars per ton [4] Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery products were civil gas in East China at 4364 (-10), in Shandong at 4440 (+60), and in South China at 4460 (+10); etherified C4 was 4630 (+130). The overseas paper goods prices rose, the oil - gas ratio weakened slightly, the month spread strengthened, the domestic - foreign price difference weakened, PG - CP reached 128 (-9), and PG - FEI reached 111 (-2). The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of propane in AFEI, the Middle East, and the United States were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival volume was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), Donghua Zhangjiagang restarted, and Juzhengyuan and Haiwei stopped for maintenance [4]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The PG main contract shows a relatively strong performance. The domestic chemical market remains firm, and there are expectations of a peak - season uptick in the civil gas sector, but the market valuation is on the high side. The international propane market has a loose supply - demand pattern, and attention should be paid to weather conditions and the situation of cold snaps in the US [4] 3. Summary According to the Report Content 3.1 Daily Changes - In terms of civil gas on Tuesday, prices in East China were 4335 (-29), in Shandong 4380 (-20), and in South China 4345 (-45). The price of ether - post - carbon - four was 4590 (-80). The lowest delivery location was East China, with a basis of -60 (-14) and a 12 - 01 month - spread of 81 (-8). FEI was 510.26 (+7.26) and CP was 492.18 (+9.18) dollars per ton [4] 3.2 Weekly Views - The PG main contract was on a strong trend. The basis was 1 (-101), and the 12 - 01 month - spread was 93 (+21). The cheapest delivery product was East China civil gas at 4364 (-10), Shandong at 4440 (+60), South China at 4460 (+10), and ether - post - carbon - four at 4630 (+130). The overseas paper - based futures rose, the oil - gas ratio weakened slightly, the month - spread strengthened, and the domestic - overseas price difference weakened. The PG - CP reached 128 (-9), and the PG - FEI reached 111 (-2). The discount strengthened. The East China propane arrival discount was 78 (+8), and the FOB discounts for AFEI, Middle East, and US propane were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight rate weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level for the year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival of goods was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), with Donghua Zhangjiagang restarting and Juzhengyuan and Haiwei shutting down for maintenance [4]

以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 LPG早报 研究中心能化团队 2025/11/18 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/11 4490 4387 4400 536 495 468 4630 7080 90 ...

Group 1: Report Core Information - The report is an LPG morning report by the energy and chemical team of the research center on November 17, 2025, presenting data from November 10 - 14, 2025 [4] Group 2: Daily Changes - On Friday, for civil LPG, prices were 4364 (-4) in East China, 4400 (+0) in Shandong, and 4460 (-30) in South China; ether - post - carbon four was 4630 (+0). The lowest delivery location was East China with a basis of 1 (-43), and the 12 - 01 month spread was 93 (-8). FEI was 502 (-1) and CP was 481 (-1) dollars/ton [4] Group 3: Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery product was civil LPG in East China at 4364 (-10), 4440 (+60) in Shandong, 4460 (+10) in South China; ether - post - carbon four was 4630 (+130) [4] - The overseas paper cargo prices rose, the oil - gas ratio weakened slightly; the month spread strengthened; the domestic - foreign price difference weakened, with PG - CP at 128 (-9) and PG - FEI at 111 (-2) [4] - The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of AFEI, Middle East, and US propane were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively [4] - Freight rates weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year [4] - The profit of propylene production from PDH in Shandong recovered slightly; the profit of alkylation units deteriorated; the MTBE production profit fluctuated, and the export profit remained good [4] - Domestic production decreased slightly, arrivals were limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), with Donghua Zhangjiagang restarted and Juzhengyuan and Haiwei under maintenance and shut - down [4] - Overall, the domestic chemical market is strong, there is an expectation of a strong peak season for civil use, but the futures price is over - valued; the international propane market pattern is loose, and attention should be paid to the weather and cold snaps in the US [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - PG main contract fluctuates upward. The basis is -69 (-49), the 11 - 12 spread is 90 (-47), and the 12 - 01 spread is 113 (-1). Domestic civil gas prices have dropped significantly. The cheapest deliverable is East China civil gas at 4279 (-66); Shandong is at 4360 (+160), and South China is at 4405 (-55). [4] - Outer - market prices have risen sharply; FEI spread is -6.25 USD (+3.75), CP spread is -8 USD (-4). PG - CP reaches 114 (-17); PG - FEI reaches 79 (-33). FEI - CP reaches 35 (+15). The US - Asia arbitrage window is open. [4] - PDH profit declines. Arrivals are at a low level, external supply decreases, and both port and factory inventories have decreased; chemical demand provides support, and the expectation of combustion demand is warming up. [4] 3. Summary by Relevant Catalogs Daily Changes - On Wednesday, the decline of civil gas continued. East China was at 4274 (+0), Shandong at 4270 (+10), and South China at 4400 (+0). Ether - post carbon four was at 4370 (-30). The lowest delivery location was Shandong, with a basis of -109 (-27), the 11 - 12 spread of 74 (+15), and the 12 - 01 spread of 87 (-17). FEI and CP increased to 512 (+11) and 466 (+4) USD/ton respectively. [4] Weekly Views - The PG main contract fluctuates upward. The basis, spreads, domestic civil gas prices, outer - market prices, spreads between different benchmarks, and the status of arbitrage windows have changed as described above. [4] - PDH operating rate is 71.66% (+2.9 pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but Zhongjing Phase II has shut down again. Lihuayi Weiyuan is expected to resume next week. [4] - Overall, with no pressure on inventory and increased downstream purchasing willingness, spot prices are expected to rise slightly. Propane is still greatly affected by the China - US tariff policy. [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The PG main contract fluctuated upward. Domestic civil gas prices dropped significantly, while external market prices rose sharply. The profit of PDH decreased. With low arrivals, reduced external supply, and decreased port and factory inventories, supported by chemical demand and the expected recovery of combustion demand, and considering that there is no pressure on inventory and downstream purchasing willingness has increased, it is expected that the spot price will maintain a slight increase. Propane is still greatly affected by the China - US tariff policy, and cautious participation is recommended [4] 3. Summary by Relevant Catalogs Daily Changes - On Tuesday, the decline of civil gas continued. In the East China region, the price was 4274 (-8), in Shandong it was 4260 (-10), and in South China it was 4400 (-10). The price of ether - post carbon four was 4400 (-30). The lowest delivery location was Shandong, with a basis of -87 (-18). The 11 - 12 spread was 89 (+2), and the 12 - 01 spread was 98 (-5). FEI and CP increased to 504 (+9) and 462 (+4) US dollars/ton respectively [4] Weekly View - The PG main contract fluctuated upward. The basis was -69 (-49), the 11 - 12 spread was 90 (-47), and the 12 - 01 spread was 113 (-1). Domestic civil gas prices dropped significantly. The cheapest delivery product was East China civil gas at 4279 (-66); in Shandong it was 4360 (+160), and in South China it was 4405 (-55). There were 2416 warehouse receipts, with 2300 from Wanhua, an increase of 64 from Yunda, and an increase of 52 from Haiyu Petrochemical. External market prices rose sharply; the FEI spread was -6.25 US dollars (+3.75), and the CP spread was -8 US dollars (-4). PG - CP was 114 (-17); PG - FEI was 79 (-33). FEI - CP was 35 (+15). The US - Asia arbitrage window opened. The CP South China CIF discount was 74 (-4). The freight from the US Gulf to Japan was 116 (+0), and from the Middle East to the Far East was 56 (-4). The FEI - MOPJ decreased but the switching window was still open, at -82.5 (-11.5). The PDH profit decreased. With low arrivals and reduced external supply, both port and factory inventories decreased. Supported by chemical demand and the expected recovery of combustion demand, the PDH operating rate was 71.66% (+2.9 pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but the second - phase of Zhongjing shut down again. Next week, Lihuayi Weiyuan is expected to resume production [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The PG main contract fluctuated upwards. The basis was -69 (-49), the 11 - 12 spread was 90 (-47), and the 12 - 01 spread was 113 (-1). Domestic civil gas prices dropped significantly. The cheapest deliverable was East China civil gas at 4279 (-66), Shandong at 4360 (+160), and South China at 4405 (-55). With no pressure on inventory and an increase in downstream purchasing willingness, spot prices are expected to rise slightly. Propane is still greatly affected by the Sino - US tariff policy, and cautious participation is recommended. [4] 3) Summary by Relevant Content Daily Changes - On Monday, the decline of civil gas continued. In East China, it was 4282 (+3), in Shandong 4270 (-90), and in South China 4410 (+5). Ether - after carbon four was 4430 (-40). The lowest delivery location was Shandong, with a basis of -83 (-14), the 11 - 12 spread was 80 (-10), and the 12 - 01 spread was 106 (+1). FEI and CP increased to 495 (+3) and 458 (+4) dollars/ton respectively. [4] Weekly View - The PG main contract fluctuated upwards. The basis was -69 (-49), the 11 - 12 spread was 90 (-47), and the 12 - 01 spread was 113 (-1). Domestic civil gas prices dropped significantly. The cheapest deliverable was East China civil gas at 4279 (-66), Shandong at 4360 (+160), and South China at 4405 (-55). There were 2416 lots of warehouse receipts, including 2300 from Wanhua, an increase of 64 from Yunda, and an increase of 52 from Haiyu Petrochemical. The overseas market prices rose sharply. The FEI spread was -6.25 US dollars (+3.75), and the CP spread was -8 US dollars (-4). PG - CP reached 114 (-17), PG - FEI reached 79 (-33), and FEI - CP reached 35 (+15). The US - Asia arbitrage window opened. The CP South China CIF discount was 74 (-4). The freight from the US Gulf to Japan was 116 (+0), and from the Middle East to the Far East was 56 (-4). The FEI - MOPJ decreased but the switching window was still open, at -82.5 (-11.5). PDH profit decreased. The arrival volume was at a low level, the external release decreased, and both port inventory and factory inventory decreased. Supported by chemical demand and with the expectation of a recovery in combustion demand, the PDH operating rate was 71.66% (+2.9pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but Zhongjing Phase II shut down again. Lihuayi Weiyuan is expected to resume next week. [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The PG main contract fluctuated upward. The domestic civil gas price dropped significantly. The cheapest delivery product was East China civil gas. The warehouse receipt was 2416 lots. The overseas price soared. The PDH profit decreased. The arrival was at a low level, the external release decreased, and both port inventory and factory inventory decreased. With chemical demand support and the expectation of warming combustion demand, it is expected that the spot will maintain a slight increase. Propane is still greatly affected by the Sino - US tariff policy, and cautious participation is recommended [4] 3. Summary by Relevant Catalog 3.1 Daily Changes - On Friday, civil gas continued to rebound slightly. East China was 4279 (+12), Shandong was 4360 (+20), and South China was 4405 (+5). Ether - after carbon four was 4470 (+30). The lowest delivery location was East China, with a basis of - 94 (-45), and the November - December spread was 68 (-52). FEI and CP increased, reaching 492 (+6) and 455 (+1) US dollars per ton respectively [4] 3.2 Weekly View - The PG main contract fluctuated upward. The basis was - 69 (-49), the November - December spread was 90 (-47), and the December - January spread was 113 (-1). The domestic civil gas price dropped significantly. The cheapest delivery product was East China civil gas at 4279 (-66); Shandong was 4360 (+160), and South China was 4405 (-55). There were 2416 lots of warehouse receipts, including 2300 from Wanhua, 64 more from Yunda, and 52 more from Haiyu Petrochemical. The overseas price soared; the FEI monthly spread was - 6.25 US dollars (+3.75), and the CP monthly spread was - 8 US dollars (-4). PG - CP reached 114 (-17); PG - FEI reached 79 (-33). FEI - CP reached 35 (+15). The US - Asia arbitrage window opened. The CP South China arrival discount was 74 (-4). The freight from the US Gulf to Japan was 116 (+0), and from the Middle East to the Far East was 56 (-4). The FEI - MOPJ decreased but the switching window was still open, with the latest at - 82.5 (-11.5). The PDH profit decreased. The arrival was at a low level, the external release decreased, and both port inventory and factory inventory decreased; supported by chemical demand and with the expectation of warming combustion demand. The PDH operating rate was 71.66% (+2.9 pct) due to the restart of Hebei Haiwei and the increased load of Wanda Tianhong, but Zhongjing Phase II shut down again. Next week, Lihuayi Weiyuan is expected to resume. Overall, there is no pressure on inventory, the downstream purchasing willingness has increased, and it is expected that the spot will maintain a slight increase [4]